CHICAGO, IL — Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it has brokered the sale of a 14-unit multifamily property at 1436 W. Erie St., in Chicago’s West Town neighborhood. Interra Managing Partner Brad Feldman and Director Adam Saxon represented both the buyer and seller in the $3.275 million transaction.
“The high per-unit price underscores the growing desirability of this submarket,” said Feldman. “Its proximity to downtown, neighborhood feel and relative value compared with nearby areas like Fulton Market have raised the profile of West Town in the eyes of investors, who are eager to buy before prices climb higher.”
Built in 1889 and extensively renovated in 2017, the property includes a mix of studio, one- and two-bedroom apartments, which were fully leased at the time of closing. The buyer plans to make further updates to units that were not yet updated by the seller.
“The seller preserved many of the building’s original architectural details – for example, the original common stairwell and exposed brick in several units – while modernizing kitchens and baths to bring the units up to market standards,” said Feldman. “With two apartments still in need of updates, the buyer saw an opportunity to create additional value.”
The building is less than two blocks from multiple CTA bus routes and within walking distance of shops, restaurants and nightlife along Chicago, Grand, Ashland and Ogden avenues. In addition, West Town is minutes from downtown via the Kennedy Expressway, which also offers convenient access to other destinations throughout the metro.